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The Insolvency and Bankruptcy Board of India has officially withdrawn the requirement for Insolvency Professionals to submit Form IP-1 for assignments under the Insolvency and Bankruptcy Code, 2016, effective immediately. This follows the earlier mandate to report appointments via the Assignment Module on the IBBI electronic portal and the introduction of a revised forms framework (CP-1 to CP-5) for CIRP processes, which replaced Form IP-1 as of June 1, 2025. The withdrawal, exercised under section 196 of the IBC, streamlines reporting obligations for Insolvency Professionals across all IBC processes, including CIRP, liquidation, voluntary liquidation, and personal guarantor insolvency proceedings.
The Insolvency and Bankruptcy Board of India has officially withdrawn the requirement for Insolvency Professionals to submit Form IP-1 for assignments under the Insolvency and Bankruptcy Code, 2016, effective immediately. This follows the earlier mandate to report appointments via the Assignment Module on the IBBI electronic portal and the introduction of a revised forms framework (CP-1 to CP-5) for CIRP processes, which replaced Form IP-1 as of June 1, 2025. The withdrawal, exercised under section 196 of the IBC, streamlines reporting obligations for Insolvency Professionals across all IBC processes, including CIRP, liquidation, voluntary liquidation, and personal guarantor insolvency proceedings.
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